Here are six ways you can raise the money you need to expand your business.

1. Bootstrap your business.
2. Launch a crowdfunding campaign.
3. Apply for a loan.
4. Raise capital by asking friends and family.
5. Find an angel investor.
6. Get investment from venture capitalists.
7. Get the capital you need to drive forward.

Where can you get the additional funding for expansion?

Financing expansion can take many forms. You can use your own money, borrow from friends and family, use internally generated funds, approach equity investors or tap banks and other lenders. The sources for funding growth are generally the same sources you may have used to start your business.

Should I take a loan to expand my business?

Expansion is a great reason to take out a business loan. The extra cash can help you expand your inventory to meet increased demand, cover a staff shortage, upgrade your work environment, or update your equipment.

Can I get 2 SBA loans?

Yes, as long as each of your loans fits within the SBA’s lending guidelines, there is nothing preventing you from having more than one SBA loan. However, if you get approved for two SBA loans of the same kind within a 90 day period, the SBA may treat it as one loan for underwriting purposes.

What types of funding may be better once the business is better established and is looking to expand?

The Best Funding Sources to Efficiently Grow Your Business

1. Bootstrapping. A good first step is to determine if you even need outside funding sources, or if you can leverage a bit of bootstrapping strategy.
2. Traditional Bank Loans.
3. Small Business Administration (SBA) Loans.
4. Crowdfunding.
5. Business Credit Cards.
6. Angel Investors.

Who are the private companies that service FFEL loans?

This purchase split FFEL loans into two groups: Department of Education-held and commercially held. The latter remain under private portfolios held by private companies. To make the distinction more opaque, some of these companies — like Navient and MOHELA — also service direct loans and federally owned FFEL debt.

Are there any private companies that service federal student loans?

The latter remain under private portfolios held by private companies. To make the distinction more opaque, some of these companies — like Navient and MOHELA — also service direct loans and federally owned FFEL debt. It’s not just confusing. Borrowers with government-held loans get relief.

Can a private company be a small business?

“There is definitely overlap between the two populations, private companies and small businesses. But the terms aren’t synonymous. Private companies can’t always be lumped into small business.” Private firms create wealth and jobs.

Can a federal student loan be consolidated into a bank loan?

Those with bank-held loans don’t. And the one lifeline available to borrowers with commercially held loans, consolidation, isn’t accessible to all FFEL borrowers. Consolidation allows borrowers to convert their debt into a direct federal loan that qualifies for current relief efforts.